国证国际港股晨报-20250506

Group 1 - The report highlights that capital inflow into Hong Kong is beneficial for future market development, with the Hang Seng Index rising by 385 points or 1.74% to 22,504 points before the holiday [2][4] - The Hang Seng Tech Index outperformed the market, increasing by 3.08%, while the overall market saw a significant decrease in trading volume, with a turnover of HKD 133.7 billion, down 33.65% from the previous day [2] - The report notes that all 12 Hang Seng Composite Industry Indexes rose on the last trading day before the holiday, with the leading sectors being Information Technology, Consumer Discretionary, and Healthcare, which saw increases of 3.23% to 1.71% [2] Group 2 - The report provides an analysis of Li Ning (2331.HK), indicating that the company is optimizing its channels, with the running category leading revenue growth [5][6] - E-commerce performance was strong, with a growth rate of 10-20%, while retail saw a slight decline due to the optimization of the channel structure, resulting in a decrease in the number of stores [6] - The report predicts that the negative impact of tariffs will be minimal on the company's sales, as most revenue comes from domestic sources, and suggests that expanding domestic demand may positively influence sports product consumption [7] Group 3 - The report forecasts Li Ning's EPS for 2025-2027 to be 1.05, 1.14, and 1.21 HKD respectively, with a target price of HKD 20.16 based on an 18x PE for 2025, maintaining a "Buy" rating [7]